NRG's second quarter profit doubles

Mauricio Gutierrez, president and chief executive officer of NRG Energy.

NEXT: See recent earnings from area energy companies.

Mauricio Gutierrez, president and chief executive officer of NRG Energy.

NEXT: See recent earnings from area energy companies.

Photo: F. Carter Smith / Bloomberg

Photo: F. Carter Smith / Bloomberg

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Mauricio Gutierrez, president and chief executive officer of NRG Energy.

NEXT: See recent earnings from area energy companies.

Mauricio Gutierrez, president and chief executive officer of NRG Energy.

NEXT: See recent earnings from area energy companies.

Photo: F. Carter Smith / Bloomberg

NRG's second quarter profit doubles

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NRG Energy, the biggest seller of electricity in Texas, said Wednesday that its second quarter profits more than double from the previous year as the company continued to streamline operations and slash debt despite milder weather in June that depressed demand for electricity.

NRG said its profits rose to $202 million in the second quarter from $96 million during the same period a year earlier.

The improvements, said NRG president and chief executive officer Mauricio Gutierrez, have "created tremendous financial flexibility," for the company.

NRG, which splits its headquarters between Houston and Princeton, N.J., reported revenues of $2.5 billion for the second quarter, virtually unchanged from the same quarter one year earlier.

The company also announced plans to buy $250 million of shares this year.

On Aug. 1, NRG closed on its deal to buy the retail electricity and natural gas business of Dallas-based Stream Energy for $300 million which is expected to add about 450,000 new retail customers to NRG's retail portfolio.